How to Buy ChainLink (LINK) | Step-By-Step Guide

For those who are totally new to ChainLink (LINK) and missed the crowdsale, you still can buy LINK for long-term profits from exchanges. Here goes the step-by-step guide on how to buy ChainLink (LINK).

How to Buy ChainLink (LINK) | Step-By-Step Guide

At the time of writing, LINK is only available on Bitfinex and Binance, EtherDelta, and Mercatox. If you are new and would like to know how to purchase some LINK coin, it is not that straightforward to just deposit your fiat currencies and buy them on these platforms.

However, you can send bitcoin to these exchange accounts and buy LINK with BTC.

If you are totally new in this, please refer to the following steps to get your first LINK.

Step 1: Create a Coinbase Account to Get bitcoin

There are many ways to buy bitcoin. Perhaps the easiest way is through Coinbase. Go to the Coinbase Signup Page and fill in your first name, last name, email and choose a password.

The registration is quite straightforward. Once, you hit “Create Account”, then you just need to verify your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Once this is set up, you can buy some bitcoin.

Many people have the wrong impression that they must buy one full (unit) of BTC. In fact, you can buy even a small fraction of BTC (e.g. 0.05).

The reason I encourage my readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.

If you are buying bitcoin via credit card, Coinbase will post two small charges on your credit cards. All you need to do is to verify these charges through your credit card’s recent transaction history and confirm them on Coinbase dashboard.

Of course, you can choose other platforms to get your bitcoin. Those in Europe will use a euro exchange like Kraken, while those in Japan will use a yen exchange like Coincheck, etc.

Step 2: Create a Binance Account

The registration process in Binance is super fast & easy. Less can be said about interpreting their dashboard, but it’s not the worst. Once, you’re approved here, we’ll get to the good stuff.

Binance, found online at Binance.com, is a popular cryptocurrency exchange currently sitting in the top 20 exchanges by volume.

Binance is known for its low trading fees (0.1%) as well as its fast transaction processing. The Binance technology is capable of processing 1.4 million orders each second, making it a world leader in potential exchange volume. At the time of writing, Binance was sitting in the #17 spot in terms of 24 hour trading volume.

Step 3: Transfer BTC to Binance

Go to Binance “Deposits/ Withdrawals” from on the top right menu.

Here, you’ll see a list of currencies and you need for “Bitcoin.” When you find Bitcoin, click the “Deposit” icon to open a lightbox in which you will generate a Bitcoin wallet address. Once you’ve done this, copy that long string of letters & number.

Now, go back to Coinbase. Here, you’ll navigate to the Send/Request tab.

Now paste the Bitcoin deposit address you got from Binance into the “Destination” box and type in the amount of Bitcoin you want to send. You can opt to either move all of your Bitcoin or some fraction.

Just one click and your funds should be on their way to Binance. It will take a bit of time, perhaps 15 minutes or more, for your BTC transfer to complete.

Step 4: Trade Bitcoin for LINK on Bitfinex

To trade your BTC for LINK :

Check the price of LINK in real time (1-minute), and when you are happy with the price, say 0.00010580 (LINK/BTC) as shown in the below figure.

Click the “Limit” and change to “Market”. This means you are calling the platform to generate the latest bid price or market price.

Then, key in the number of LINK you want to buy. This example, I key in 500 LINK.

Click “Buy LINK”.

You just exchanged Bitcoin for LINK. Be aware that there often isn’t much LINK for sale at the very lowest price, so you may need to repeat steps 1-3 a few times until all your Bitcoin is exchanged.

You then can check your wallet again and see the amount of LINK you have just purchased.

Alex is the owner of Managing Your Finance. He helps newbies start their own online businesses. Sign up for his 7-Day Free training course and learn how to start making a sustainable income online and quit your 9-to-5 job.